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Unformatted text preview: P3-4 (write the journal entries before posting T accounts); P3-5Syrena Shirley, a connoisseur of fine chocolate, opened Syrenas sweets in collegetown on February 1, 2011. The shop specializes in a selection of gourmet chocolate candies and a line of gourment ice cream. You have been hired as a manager. Your duties include maintaining the stores financial records. The following transactions occurred in Feb 2011, the first month of operationsa.Received four shareholders contributions totaling $17,600 cash to form the corporation; issued stockb.Paid three months rent for the store at $880 per month (recorded as prepaid expenses)c.Purchased supplies for $330 cashd.Purchasd nad received candy for $5,500 on account, due in 60 dayse.Negotiated and signed a 2 year $11,000 loan at the bankf.Used the money from (e) to purchase a computer for $2,750 (for recordkeeping and inventory tracking) and the balance ofr furniture and fixtures for the storeg.Placed a grand opening advertisement in the local paper for $500 cash...
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This note was uploaded on 09/20/2009 for the course H ADM 121 taught by Professor Ddittman during the Fall '07 term at Cornell University (Engineering School).
- Fall '07